Equity capital markets off to slow start, down 54.2% YoY

Of the total proceeds raised in 1Q24, US$458.95m were via follow-on offerings.

Singapore’s equity capital markets (ECM) had a sluggish start to the year, raising 54.2% YoY lower proceeds, totalling US$490.4m.

Of the total proceeds raised in 1Q24, US$458.95m (-40.1% YoY) were via follow-on offerings.

The remaining US$31.45m were from two IPOs issued by the Singapore Institute of Advanced Medicine (US$19.4m) in a Catalist listing and Ryde Group in a New York listing (US$12m).

Singapore Institute of Advanced Medicine’s listing was the biggest Singaporean-issued IPO so far in 2024, according to the London Stock Exchange Group (LSEG).

By sector, the largest contributor to Singapore’s ECM was the real estate sector, raising US$238.2m in proceeds and accounting for 48.6% of the market share. The real estate sector’s proceeds for the period, however, were down 13.0% compared to 1Q23.

Industrials and High Technology were close behind with 40.6% and 6.5% market share, respectively.